What is the relationship between blockchain and quantum bits (qubits)?

08/15/2023 14:31 • Tech Ticker • 95 views

What is the relationship between blockchain and quantum bits? What is the difference between blockchain and quantum bits? It is because it can realize peer-to-peer transmission, immutability, and anonymity.

Quantum computers are theoretically trustworthy and decentralized, but quantum computing itself cannot guarantee its security and reliability (currently, there are two methods for analyzing this), so quantum bits use a relatively new consensus algorithm – hash function (Hashgraph). This new mining model can effectively solve the problem of a large number of transactions in the current Bitcoin network; at the same time, by using the encryption characteristics of quantum to improve BTC price stability, it can protect user privacy.

The biggest difference between blockchain and quantum bits lies in the contradiction between digital signatures and cryptography in blockchain, which leads to distrust among block producers. Due to the simple and understandable working principle of quantum bits, anyone can view and verify transactions without going through a lot of complex technical processes to prove their identity, making the whole system more secure, efficient, and resistant to censorship. In addition, quantum bits use timestamp technology, which not only improves system performance but also reduces costs. Finally, quantum bits use a mathematical formula to determine how to delay a transaction from “0” to “1”, that is, process up to 3 times per second, and each time only takes 2 minutes to confirm transaction information.

Although quantum computers have made great progress now, this problem has not been well solved. For example, recently the Ethereum 2.0 client Geth version was attacked, which makes some researchers think that the code will produce very large vulnerabilities.

Relationship between Quantum Bits and Bitcoin

The relationship between quantum bits and Bitcoin has existed since 2017. In the past decade, the emergence of Bitcoin has brought tremendous progress: quantum bits are the first method to use cryptocurrency to determine time series; while Bitcoin adopts “asymmetric cryptography” as the consensus protocol algorithm- this new encryption technology makes it the most popular type of digital asset in the world.

The concept of quantum is similar to Bitcoin: it is a timestamp generated and recorded through quantum computing. Due to its decentralization (unlike traditional computers), it has infinite scalability, anonymity, and tamper-proof attributes, so it can be seen as a secure and reliable choice to achieve stronger privacy functions. Moreover, this mechanism allows anyone to create and verify their own identity.

Currently, there are about 1 million transactions on the Bitcoin network, and each user only needs to pay $1 to confirm a transaction. This means that payments are received every few days. However, if you want to send money to someone’s wallet or transfer it, you must wait at least two weeks to complete.

However, as more and more blockchains begin to prove themselves to support future smart contracts, these issues have become more common. “Ethereum 2.0 will solve this problem.” Vitalik Buterin, the founder of Quantum Bits, believes that “Quantum bits can guarantee that the entire system will not be tampered with or split. This is because quantum bits can effectively ensure that the size of the Bitcoin block space remains constant (Note: 3 seconds = 10 units), that is to say, only 5 clocks can see the block height, and there is no opportunity to generate new blocks within the other 3 minutes.”

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What is the relationship between blockchain and quantum bits (qubits)?

Relationship between Quantum Bits and Bitcoin

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